Centrum Finance To Foray Into Stock Broking Business

Mumbai, Sept 24: | Updated: Sep 25 2003, 05:30am hrs
Centrum Finance Ltd, a listed investment banking company, plans to enter into stock broking business and investment management business.

The company presently offers investment banking services in both equity and debt segments, distribution of financial products, money changing and consulting services.

We will launch stock broking business in October and investment management service will follow. With this launch, the company will be able to offer a large variety of financial products to our customers, Kamlesh Gandhi, executive director of the company told FE.

The company will target the middle segment of the market and a lower cost of service and relationship management in providing the service will be its competitive edge amid prevailing competition in the portfolio and investment management services, Mr Gandhi added.

The company has a 100 per cent subsidiary, CentrumDirect, which offers its retail investors a gamut of financial products ranging from mutual funds, fixed deposits to public issues as well as incvestment advice.

The subsidiary also distributes third party life and non-life insurance products. It is corporate agents for ICICI Prudential Life, Tata AIG Life Insurance and Tata AIG General Insurance, Om Kotak Life Insurance and the Life Insurance Corporation (LIC) of India.

The company is a SEBI registered category I merchant banker and has a network of 17 branches in 12 locations across the country.